Date: Sat, Oct 26, 2024, 05:47 AM GMT
In a significant move within the cryptocurrency market,, GSR Markets, a prominent market maker for Neiro Ethereum, has made a significant transfer of $NEIRO tokens. According to a report from Spotonchain, GSR Markets sent back 7.41% of the total supply of Neiro Ethereum to the Bybit exchange in the last 14 hours.
GSR Markets Injects 74.13 Million $NEIRO
GSR Markets plays a crucial role in managing the liquidity of $NEIRO. Since October 8, they received a total of 74.13 million tokens.
Recently, 16 hours ago they transferred this entire amount, valued at approximately $5.53 million, back to Bybit.
What It Means for Investors
Market makers like GSR Markets are essential for ensuring liquidity on exchanges. They facilitate smooth trading by buying and selling tokens. The recent transfer of $NEIRO to Bybit is likely aimed at maintaining liquidity or supporting trading activity, which can influence both the price and trading volume of $NEIRO.
As Spotonchain noted, “This action is likely intended to provide more liquidity rather than to sell,” suggesting that the move is more about enhancing market stability than offloading assets.
Price Movements of $NEIRO
In the past 24 hours, the cryptocurrency market experienced a sharp decline, influenced by false news regarding Tether (USDT) from the Wall Street Journal and rising geopolitical tensions. As a result, Neiro Ethereum (NEIRO) saw a drop of over 8%. However, it has shown signs of recovery recently, gaining 2.52% in the last hour.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. Always conduct your own research before investing in cryptocurrencies.